"The first batch of bitcoin startups, which includes BitPay, is quite different from the second batch. In the first batch, you had entrepreneurs who got support from bitcoin early adopters to launch businesses that helped the ecosystem. In the second batch, you have serial entrepreneurs, running companies like Xapo, Circle and 21e6, who got millions from Silicon Valley VCs. Startups from the first batch have to make tough choices, given that interest in bitcoin (see price) is not what it used to be, and that they have to get “traditional” funding to survive. If they get such funding, like BitPay did, they may have active investors questioning the direction of the company, looking at the market size etc. In other words, the price of bitcoin and the lack of crowdfunding does not allow startups from the first batch, to continue working on “ideological” agendas, like bitcoin merchant and user adoption. Startups of the first batch can continue working on what they started on only if the bitcoin price rebounds, or if large bitcoin holders support them. BitPay had to pivot in order to create a sustainable business because it could not afford to do otherwise."

No explicit mention that they are doing b2b. I'd be curious if they were going into improving settlement architecture for banks. You say the article other day how Santander thinks 20 billion could be saved from this area alone

I think they recognise that until financial institutions get onboard with crypto, you are going always have this parallel system running which is going to be a hurdle to mass consumer adoption. So instead on playing "wait and see" with them, it's best to start trying to steer them your way.

The article did not explicitly say that, but it can be inferred that waiting for business to organically grow just relying on the consumer side is the long game. You need to get business to not just accept cryto but actively promote it. So if you can get the institutions that business rely on to actively promote it then that adoption can be faster. It's like what we are doing with our referral system.